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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
Steps in preparing the consolidated balance sheet Step 1 : Prepare the 3 important accounts i.e. cost of control to determine goodwill Group retained profits Mino
Part I: Wal-Mart Stores Inc.'s income statement and balance sheet are attached. Gather relevant information from the financial statements to calculate the financial ratios, and co
A Valid Will A will may be made: Orally; it will not be valid unless: 1. It is made before two or more competent witnesses (i.e. persons of sound mind and full age); and 2.
Q. Define Strong form efficiency? In robustly efficient market finance directors will be alert to the fact that market prices are an accurate reflection of their company's fina
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In the NPV analysis, sunk cost is not relevant whereas opportunity cost is for project evaluation. Requirements: Describe and justify the above statement about sunk cost an
A parent has had a controlling interest of 60% in its subsidiary for a number of years. Below are financial statement extracts of the two companies for the year ended 30 June 20
Assets 1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been
An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $1,2
RETAINED PROFITS BROUGHT FORWARD If we recall from the consolidated balance sheet, the group-retained profits should be made up of the holding companies retained profit plus the
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